DOGE Price Analysis: Consolidates Next Move, Canada Based Pizza Shop Now Accepts Dogecoin for Payments

• Dogecoin was changing hands at $0.14, marginally up on the day
• House of Dough, a Nova Scotia Canada based pizza shop is now accepting Dogecoin for payments
• Fast food companies have indicated an interest in Dogecoin for payments of late following Elon Musk’s McDonald tweet

Dogecoin price is trying to stabilize following the sharp selloffs in the market in the prior week. Dogecoin seems to be consolidating the next move as bears near exhaustion. At the time of publication, Dogecoin was changing hands at $0.14, marginally up on the day. House of Dough, a Nova Scotia Canada-based pizza shop now accepts Dogecoin for payments. The fast-food company announced that it will be accepting crypto payments in Dogecoin, Litecoin, and Bitcoin. When Elon Musk promised to eat a Happy Meal on television if McDonald’s began to take DOGE, the company respectfully declined. However, the Tesla CEO’s tweet received support from other fast-food companies. Shortly after, The Lost Leaf, a Phoenix, Arizona U.S based pub announced it would accept Dogecoin as payment.

Key Levels
Resistance levels: $0.2148, $0.1800, $0.1509
Support Levels: $0.1370, $0.1255, $0.1000

DOGE/USD Daily Chart: Ranging

DOGE/USD Daily Chart

Dogecoin buyers are fighting back after recording a near seven-week low of $0.12, where a support base has developed in the prior week. Bulls are consolidating above here on Monday, with price largely consolidating before larger bulls regain full control, seen as a likely scenario.

Upticks should be capped by barriers at $0.164/MA 50 ahead of the $0.215 level. Resistance could then evolve around the MA 200 at $0.22. Yet, if the bulls succeed, they could then aim for the MA 200 at $0.22, which if breached too, would reinforce upside confidence bringing the $0.30 – $0.35 resistance barrier into play.

DOGE/USD 4-Hour Chart: Ranging

DOGE/USD 4-Hour Chart

On the 4-hour chart, Dogecoin is staying in sideways consolidation around the MA 50 at $0.14. The downward forces are struggling as the RSI is attempting to overstep the 50 neutral thresholds. The short-term oscillators are transmitting mixed signals in directional momentum, thus traders should watch out for general market recovery as a likely indicator of DOGE price movement.

To summarize, DOGE/USD is exhibiting a neutral-to-bearish tilt and a break below the $0.126 – $0.12 floor could boost downside tendencies. That said, for the bullish mood to improve, the price would need to climb north of the $0.157 mark.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock